Simon Clifford has confirmed to Sky Sports News that Kevin Keegan will return to the club if the South African consortium he is involved with takes control at St James' Park.
Clifford, along with Jonathan Cleland, who is the Scottish-based businessman heading up the South African bid, met with Keegan earlier this week.
Lifelong Middlesbrough-fan Clifford, who enjoyed a brief stint as coach at Southampton under Clive Woodward's charge, would become director football at Newcastle if Cleland's group took charge.
Speaking to Sky Sports News, Clifford confirmed talks with Keegan had gone well.
"Our number one priority is to return Kevin to the club and we had a very good meeting on Monday," he told Sky Sports News.
"I know there are other consortiums looking at the club as it is a terribly attractive proposition and I am under no illusion that Kevin may speak to them also but we did have a mutual interest in working together."
Cleland confirmed on Friday he was heading up the South African-led consortium, although the backers remain a mystery after leading businessmen Johann Rupert, Brian Joffe and Vivian Imerman all denied involvement.